Simply stable – Staying successful in a volatile energy market thanks to professional consolidation and planning software
Case Study Krannich Group GmbH
Industry: Photovoltaics wholesaler
Headquarters: Weil der Stadt/Hausen (Germany)
Employees: approximately 300
Project: Implement a software solution for consolidation, analysis, planning and reporting; clear structure; cross-company availability of data, rapid and smooth implementation
Modules: LucaNet.Financial Consolidation, LucaNet.Planner
The Krannich Group is braving the constant fluctuations in the renewable energy market. The company has gained stability thanks to the consolidation and planning tool from LucaNet. With LucaNet, financial data can be prepared efficiently and reliably. Internal and external recipients of reports now receive all the relevant information in a clear format.
The Krannich Group is one of Europe's leading wholesalers of photovoltaic products and systems. The company's products include solar modules, inverters, mounting systems, storage systems, PV system monitoring and accessories. The company also implements large-scale projects for planning, building and operating solar energy systems. The Krannich Group has 24 companies in 15 countries and employs approximately 300 people.
The company decided to implement professional accounting software in response to international expansion and the stricter requirements of affiliated banks.
Organised consolidation and planning
"Like many other companies in our industry, we once used MS Excel exclusively. As a result, we had no overview of the financial data of our international subsidiaries, our consolidation capabilities were very limited and we didn't have any structured or reliable process", says Birgit Gänzle, Head of Controlling at Krannich Group.
Thanks to LucaNet, the company can now prepare consolidated financial statements and conduct business planning more professionally. The system features an intuitive and clearly organised user interface that makes consolidation and planning much easier. Figures can be displayed in a transparent fashion and are available for extensive analyses across the group of companies. Everyone in the Group now has the same view of the data, which makes work more efficient and employees much happier. More importantly, the reorganised process has drastically improved the quality of data. It has eliminated the unnecessary errors that can occur during collection and reconciliation of figures.
Data imported swiftly
The software was implemented at Krannich Group quickly and smoothly. The data was imported from the source systems Sage, SAP Business ByDesign and from MS Excel files. As a result, transaction figures and balances for each ledger account, data on cost centres, cost units as well as partner information can be quickly and easily accessed for further processing.
The Krannich Group is successfully using LucaNet software for the latest consolidated financial statement, cash flow report, current plans as well as parallel P&L statements (using cost-of-sales, managerial analysis and direct costing methods) parallel IFRS- and US-GAAP-compliant balance sheets.
Consolidation takes place in accordance with HGB and BilMoG accounting standards. In addition to the clearly structured consolidation function, the consolidation wizards have also helped to optimise the process. The wizards are used for paired consolidation.
Fast reporting is guaranteed
"Once the reporting function has been set up, we can count on very fast reporting. We use the reporting function primarily for external reporting. Management and the individual branch managers also have access to LucaNet and can view figures at any time", says Birgit Gänzle.
LucaNet.Excel-Add-In and LucaNet.Excel-Reporting are used for reporting functions. Custom reports were successfully integrated. "With our industry as volatile as it is, we can only recommend LucaNet. This software will guarantee transparent, high-quality data", says Birgit Gänzle.
"Increasingly shorter innovation cycles, changing market conditions - the profound changes in the industry are also affecting us. It was high time to find a reliable constant in the area of financial planning, capable of ensuring trust and sustainability. LucaNet offers an effective solution in this regard: it has made controlling processes much easier for us. And all while maintaining our high quality and transparency standards."
Birgit Gänzle, Head of Controlling
Krannich Group GmbH
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